Early Warning System

Regions

Europe and Central Asia

Geographic location where the impacts of the investment may be experienced.

Countries

North Macedonia

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Dec 2, 2026

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Macedonian Transmission System Operator AD (MEPSO)

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Energy
Infrastructure

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 21.46 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 18.6
Converted using 2026-09-15 exchange rate.

Loan Amount (USD)

$ 21.46 million

Project Cost (USD)

$ 24.23 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 16, 2026

Disclosed by Bank Sep 15, 2026

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Can you contribute information about this project?
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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the EBRD, the project consists of a sovereign guaranteed loan of up to EUR18.6 million to the Macedonian Transmission System Operator AD (MEPSO), a 100% state-owned electricity transmission system operator in North Macedonia. The Bank's loan will finance the modernisation of critical transmission infrastructure through the deployment of a new central SCADA/EMS system, new cybersecurity systems, and a 400 kV transformer. The total project cost of EUR21 million will also benefit from a EUR2.4 million investment grant from the WBIF.

North Macedonia's electricity transmission system is undergoing a rapid transformation driven by the accelerated integration of renewable energy sources and increasing digitalisation of grid operations. MEPSO faces critical challenges from ageing control infrastructure, limited network visibility and increasing cyber threats. The project will modernise core transmission infrastructure and a comprehensive upgrade of cybersecurity systems. The proposed investments will enhance the reliability, security and operational efficiency of the transmission network of North Macedonia through improved real-time monitoring and control, strengthen the resilience of critical energy infrastructure against cyber threats, and ensure compliance with ENTSO-E standards and EU NIS2 requirements. The project will also increase transmission capacity and operational flexibility through the installation of a new 400 kV transformer, while supporting greater integration of renewable energy sources through improved system visibility and network optimisation.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, the borrower is Macedonian Transmission System Operator AD (MEPSO), a 100% state-owned electricity transmission system operator in North Macedonia. MEPSO operates the country's high-voltage electricity transmission network under a licence issued by the Energy Regulatory Commission (ERC) and is responsible for electricity transmission, system operation and balancing, and cross-border interconnections with neighbouring power systems. The company operates approximately 2,234 km of transmission lines and 57 substations and plays a critical role in ensuring the reliability, security and integration of North Macedonia's electricity system.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	MEPSO AD	Client	Energy

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Macedonian Transmission System Operator AD (MEPSO):

Semijal Ziberi
Email: info@mepso.com.mk
Phone: +389 (0)2 3149 811
Website: https://www.mepso.com.mk/
Address: Maksim Gorki No. 4, 1000 Skopje, North Macedonia

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html